Roadmap for India's Care Economy: EAC-PM Proposes Comprehensive Reforms
Care economy in India: EAC-PM working paper lays out a roadmap
The Economic TimesImage: The Economic Times
A working paper by the Economic Advisory Council to the Prime Minister (EAC-PM) outlines a roadmap to enhance India's care economy, suggesting the establishment of a dedicated fund and reforms to support a skilled workforce. The paper predicts domestic demand for care workers will exceed 30 million by 2050.
- 01Domestic demand for care workers in India is projected to exceed 30 million by 2050.
- 02The proposed 'Parivar Seva Kosh' aims to finance care infrastructure and support care entrepreneurs.
- 03Corporate social responsibility (CSR) funds should be directed towards care sector projects.
- 04Reforms in parental leave policies are recommended to promote family-friendly workplaces.
- 05Investment in the care sector can create significant employment opportunities and promote gender equality.
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The Economic Advisory Council to the Prime Minister (EAC-PM) has released a working paper titled 'Re-imagining the Care Economy: From Private Burden to Social and Economic Infrastructure,' proposing a comprehensive strategy to enhance India's care economy. The paper suggests establishing a dedicated fund, the 'Parivar Seva Kosh' (Family Care Fund), to support care infrastructure and care entrepreneurs. It emphasizes the need for a skilled workforce, projecting that domestic demand for care workers will exceed 30 million by 2050. The report advocates for innovative financing solutions, including directing corporate social responsibility (CSR) funds towards care sector initiatives. It also calls for phased reforms in parental leave policies, starting with paid paternal leave in the private sector, and encourages the designation of care as a priority sector by the Ministry of Cooperation. The authors believe that investing in the care sector can generate substantial employment, reduce time poverty, and promote shared caregiving responsibilities among genders, thereby enhancing family-friendly policies.
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The proposed reforms and investments in the care sector could significantly boost employment opportunities and improve family-friendly policies, thereby reducing the burden of unpaid care work on households.
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